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03988 BANK OF CHINA
RTNominal unchange3.490 0.000 (0.000%)
Research Report

06/04/2020 14:22

{I-bank focus}JEF starts BOC (03988) at "hold" & HK$2.97

[ET Net News Agency, 6 April 2020] Jefferies Research initiated coverage on BOC (03988)
with a "hold" rating and a target price of HK$2.97.
The research house said BOC's valuation is becoming attractive. However, compared to
peers, it is facing higher uncertainty on its cross-border business that used to benefit
from globalization, and more pressure on capital, given higher-than-peers requirement but
lower-than-peers ROE (return on equity).
With its manufacturing SOE focus, BOC suffered in the previous NPL (non-performing loan)
hike cycle but largely recovered. Jefferies recommended that investors wait for a better
entry point. (KL)

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